Sunrise Realty Trust, Inc.

There have been no material changes to the risk factors disclosed in Item 1A - “Risk Factors” in the Company’s Annual Report for the fiscal year ended December 31, 2024, excepted as noted below:

Changes to U.S. tariff regulations may have an adverse effect on our business, financial condition and results of operations.

The United States recently announced a list of tariffs on specific countries and commodities which have contributed to heightened trade policy uncertainty and market volatility in the debt and equity capital markets. These market and economic disruptions, have affected, and may in the future continue to affect the U.S. imports and capital markets, which could adversely affect our borrowers, financial condition or results of operations. Specifically, the imposition of tariffs on certain foreign goods used in construction in the commercial real estate market could adversely affect us, our borrowers and the value of the real estate assets related to our investments.